Microstrategy's BTC Holding Cost Basis Falls Below Spot Price for First Time Since 2022

According to CryptoQuant analyst Axel Adler Jr., Microstrategy's 847,363 BTC holdings have an average cost basis of $75,651, valued at a total of $64.1 billion. With Bitcoin's current price having dipped below this cost line, MSTR's position is now underwater for the first time since the 2022 bear market. MSTR shares have declined 78% from their peak, compared to BTC's 51% drop, widening the gap between the stock and the asset to approximately 28 percentage points.

Meanwhile, Microstrategy's BTC acquisition strategy has shifted defensive. Weekly Bitcoin purchases have been cut by roughly two-thirds, and of $335.5 million raised through stock issuance, less than 11% was deployed for BTC purchases, with the remainder held as dollar reserves. In May, the company executed its first net sale since 2022, selling 32 BTC to fund preferred stock dividends.